EX-99.2

EX-99.2 3 maa-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

PORTFOLIO STATISTICS

TOTAL MULTIFAMILY PORTFOLIO AT SEPTEMBER 30, 2022 (1)

In apartment units


	Same Store		Non-Same Store		Lease-up		Total Completed Communities		Development Units Delivered		Total
Atlanta, GA		11,434		—		—		11,434		—		11,434
Dallas, TX		9,767		348		—		10,115		—		10,115
Tampa, FL		5,220		196		—		5,416		—		5,416
Orlando, FL		5,274		264		369		5,907		—		5,907
Charlotte, NC		5,867		—		344		6,211		—		6,211
Austin, TX		6,829		288		—		7,117		323		7,440
Raleigh/Durham, NC		5,350		—		—		5,350		—		5,350
Nashville, TN		4,375		—		—		4,375		—		4,375
Houston, TX		4,867		—		308		5,175		—		5,175
Jacksonville, FL		3,496		—		—		3,496		—		3,496
Charleston, SC		3,168		—		—		3,168		—		3,168
Phoenix, AZ		2,623		345		—		2,968		—		2,968
Fort Worth, TX		3,519		168		—		3,687		—		3,687
Northern Virginia		1,888		—		—		1,888		—		1,888
Richmond, VA		2,004		—		—		2,004		—		2,004
Savannah, GA		1,837		—		—		1,837		—		1,837
Fredericksburg, VA		1,435		—		—		1,435		—		1,435
Greenville, SC		2,355		—		—		2,355		—		2,355
Memphis, TN		1,811		—		—		1,811		—		1,811
Birmingham, AL		1,462		—		—		1,462		—		1,462
Denver, CO		812		—		306		1,118		—		1,118
San Antonio, TX		1,504		—		—		1,504		—		1,504
Huntsville, AL		1,228		—		—		1,228		—		1,228
Kansas City, MO-KS		1,110		—		—		1,110		—		1,110
Other		7,078		492		—		7,570		—		7,570
Total Multifamily Units		96,313		2,101		1,327		99,741		323		100,064

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C.

Supplemental Data S-1

PORTFOLIO STATISTICS (CONTINUED)

TOTAL MULTIFAMILY COMMUNITY STATISTICS (1)

Dollars in thousands, except Average Effective Rent per Unit


	As of September 30, 2022								Average Effective		As of September 30, 2022
	Gross Real Assets		Percent to Total of Gross Real Assets			Physical Occupancy			Rent per Unit for the Three Months Ended September 30, 2022		Completed Units		Total Units, Including Development
Atlanta, GA	$	2,058,201		14.0	%		95.9	%	$	1,793		11,434
Dallas, TX		1,530,476		10.3	%		95.9	%		1,595		10,115
Tampa, FL		982,215		6.6	%		95.5	%		2,015		5,416
Charlotte, NC		977,952		6.6	%		95.8	%		1,543		5,867
Orlando, FL		912,513		6.2	%		96.2	%		1,881		5,538
Austin, TX		888,441		6.0	%		95.2	%		1,587		7,117
Raleigh/Durham, NC		716,513		4.8	%		95.6	%		1,474		5,350
Houston, TX		624,165		4.2	%		95.7	%		1,363		4,867
Northern Virginia		566,836		3.8	%		95.9	%		2,211		1,888
Nashville, TN		547,556		3.7	%		96.1	%		1,634		4,375
Phoenix, AZ		471,487		3.2	%		95.9	%		1,728		2,968
Charleston, SC		417,605		2.8	%		96.4	%		1,625		3,168
Fort Worth, TX		378,646		2.6	%		95.6	%		1,515		3,687
Jacksonville, FL		299,626		2.0	%		96.7	%		1,510		3,496
Richmond, VA		272,830		1.8	%		96.3	%		1,525		2,004
Fredericksburg, VA		250,094		1.7	%		96.6	%		1,763		1,435
Greenville, SC		231,124		1.6	%		96.7	%		1,256		2,355
Savannah, GA		220,793		1.5	%		96.7	%		1,570		1,837
Denver, CO		212,386		1.4	%		96.4	%		1,898		812
Kansas City, MO-KS		189,830		1.3	%		95.7	%		1,486		1,110
San Antonio, TX		168,221		1.1	%		95.7	%		1,361		1,504
Birmingham, AL		165,371		1.1	%		95.1	%		1,342		1,462
All Other Markets by State (individual markets <1% gross real assets)
Tennessee		193,239		1.3	%		95.5	%		1,295		2,754
Florida		182,531		1.2	%		96.0	%		1,751		1,806
Maryland		171,446		1.2	%		95.2	%		1,940		757
Alabama		168,103		1.1	%		95.3	%		1,357		1,648
Virginia		157,063		1.1	%		95.9	%		1,694		1,039
Kentucky		96,194		0.6	%		96.4	%		1,127		1,308
Nevada		72,736		0.5	%		95.8	%		1,548		721
South Carolina		37,971		0.3	%		95.3	%		1,127		576
Stabilized Communities	$	14,162,164		95.6	%		95.9	%	$	1,619		98,414
Charlotte, NC		139,071		0.9	%		91.6	%		2,084		344		344
Denver, CO		112,255		0.8	%		90.2	%		1,906		306		658
Orlando, FL		97,380		0.7	%		89.7	%		2,205		369		369
Salt Lake City, UT		65,399		0.4	%		—			—		—		400
Atlanta, GA		58,366		0.4	%		—			—		—		340
Austin, TX		57,737		0.4	%		56.6	%		1,635		323		350
Houston, TX		54,792		0.4	%		86.4	%		1,560		308		308
Phoenix, AZ		54,057		0.4	%		—			—		—		317
Lease-up / Development Communities	$	639,057		4.4	%		82.6	%	$	1,892		1,650		3,086
Total Multifamily Communities	$	14,801,221		100.0	%		95.7	%	$	1,624		100,064		101,500

(1)

Schedule excludes MAA's 35% ownership in a 269 unit joint venture property in Washington, D.C. As of September 30, 2022, the gross investment in real estate for this community was $80.4 million and includes a mortgage note payable of $51.8 million. For the nine months ended September 30, 2022, this apartment community achieved NOI of $5.5 million.

Supplemental Data S-2

COMPONENTS OF NET OPERATING INCOME

Dollars in thousands


	As of September 30, 2022				Three Months Ended
	Apartment Units		Gross Real Assets		September 30, 2022			September 30, 2021		Percent Change
Operating Revenues
Same Store Communities		96,313	$	13,726,445	$	495,377		$	432,206		14.6	%
Non-Same Store Communities		2,101		435,719		12,876			13,323
Lease-up/Development Communities		1,650		639,057		6,313			1,094
Total Multifamily Portfolio		100,064	$	14,801,221	$	514,566		$	446,623
Commercial Property/Land		—		357,028		6,217			5,952
Total Operating Revenues		100,064	$	15,158,249	$	520,783		$	452,575

Property Operating Expenses
Same Store Communities					$	179,761		$	163,324		10.1	%
Non-Same Store Communities						4,569			6,209
Lease-up/Development Communities						2,839			709
Hurricane Expenses						1,602			—
Total Multifamily Portfolio					$	188,771		$	170,242
Commercial Property/Land						2,652			2,596
Total Property Operating Expenses					$	191,423		$	172,838

Net Operating Income
Same Store Communities					$	315,616		$	268,882		17.4	%
Non-Same Store Communities						8,307			7,114
Lease-up/Development Communities						3,474			385
Hurricane Expenses						(1,602	)		—
Total Multifamily Portfolio					$	325,795		$	276,381
Commercial Property/Land						3,565			3,356
Total Net Operating Income					$	329,360		$	279,737		17.7	%

COMPONENTS OF SAME STORE PORTFOLIO PROPERTY OPERATING EXPENSES

Dollars in thousands


	Three Months Ended							Nine Months Ended
	September 30, 2022		September 30, 2021		Percent Change			September 30, 2022		September 30, 2021		Percent Change
Property Taxes	$	62,924	$	57,296		9.8	%	$	182,668	$	173,452		5.3	%
Personnel		39,281		35,953		9.3	%		111,829		104,097		7.4	%
Utilities		33,594		31,154		7.8	%		92,970		88,113		5.5	%
Building Repair and Maintenance		24,011		21,360		12.4	%		65,910		58,777		12.1	%
Office Operations		7,276		5,817		25.1	%		20,764		17,044		21.8	%
Insurance		7,011		6,233		12.5	%		19,523		17,197		13.5	%
Marketing		5,664		5,511		2.8	%		17,854		16,928		5.5	%
Total Property Operating Expenses (1)	$	179,761	$	163,324		10.1	%	$	511,518	$	475,608		7.6	%

(1)

Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-3

MULTIFAMILY SAME STORE PORTFOLIO NOI CONTRIBUTION PERCENTAGE


						Average Physical Occupancy
			Percent of			Three Months Ended						Nine Months Ended
	Apartment Units		Same Store NOI			September 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Atlanta, GA		11,434		12.8	%		95.3	%		95.6	%		95.4	%		95.4	%
Dallas, TX		9,767		9.2	%		95.8	%		96.2	%		95.6	%		95.7	%
Tampa, FL		5,220		6.9	%		95.8	%		97.1	%		96.1	%		97.2	%
Charlotte, NC		5,867		6.5	%		96.0	%		96.5	%		95.8	%		96.3	%
Orlando, FL		5,274		6.3	%		96.2	%		96.3	%		96.3	%		95.9	%
Austin, TX		6,829		6.2	%		95.5	%		96.1	%		95.3	%		95.8	%
Raleigh/Durham, NC		5,350		5.5	%		95.8	%		96.2	%		95.5	%		96.0	%
Nashville, TN		4,375		4.7	%		96.1	%		96.2	%		95.9	%		95.5	%
Houston, TX		4,867		3.8	%		95.5	%		96.0	%		95.5	%		95.0	%
Charleston, SC		3,168		3.6	%		96.1	%		96.7	%		95.9	%		96.4	%
Phoenix, AZ		2,623		3.4	%		95.7	%		97.0	%		95.9	%		97.0	%
Jacksonville, FL		3,496		3.4	%		96.4	%		97.3	%		96.6	%		97.5	%
Fort Worth, TX		3,519		3.2	%		95.5	%		96.4	%		95.6	%		96.3	%
Northern Virginia		1,888		2.7	%		95.6	%		95.3	%		95.6	%		95.7	%
Richmond, VA		2,004		2.1	%		96.1	%		96.5	%		96.1	%		96.8	%
Greenville, SC		2,355		2.0	%		96.6	%		96.4	%		96.4	%		96.4	%
Savannah, GA		1,837		2.0	%		96.9	%		97.4	%		96.8	%		97.3	%
Fredericksburg, VA		1,435		1.8	%		95.8	%		96.6	%		96.4	%		97.1	%
Memphis, TN		1,811		1.5	%		94.4	%		96.7	%		95.0	%		97.3	%
Birmingham, AL		1,462		1.3	%		95.8	%		96.6	%		95.7	%		96.7	%
San Antonio, TX		1,504		1.2	%		96.0	%		97.0	%		95.9	%		96.3	%
Denver, CO		812		1.1	%		95.1	%		95.7	%		95.8	%		94.8	%
Huntsville, AL		1,228		1.1	%		95.1	%		96.6	%		95.7	%		97.0	%
Kansas City, MO-KS		1,110		1.0	%		95.8	%		96.1	%		95.6	%		95.1	%
Other		7,078		6.7	%		95.9	%		96.9	%		96.0	%		96.8	%
Total Same Store		96,313		100.0	%		95.8	%		96.4	%		95.8	%		96.2	%

Supplemental Data S-4

MULTIFAMILY SAME STORE PORTFOLIO QUARTER OVER QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2022		Q3 2021		% Chg			Q3 2022 (1)		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg
Atlanta, GA		11,434	$	64,073	$	56,687		13.0	%	$	23,756	$	21,800		9.0	%	$	40,317	$	34,887		15.6	%	$	1,793	$	1,553		15.4	%
Dallas, TX		9,767		49,111		42,357		15.9	%		20,199		18,985		6.4	%		28,912		23,372		23.7	%		1,585		1,352		17.2	%
Tampa, FL		5,220		32,897		27,887		18.0	%		11,001		9,841		11.8	%		21,896		18,046		21.3	%		2,015		1,651		22.0	%
Charlotte, NC		5,867		28,955		25,338		14.3	%		8,513		7,878		8.1	%		20,442		17,460		17.1	%		1,543		1,325		16.4	%
Orlando, FL		5,274		31,271		25,969		20.4	%		11,406		9,136		24.8	%		19,865		16,833		18.0	%		1,864		1,530		21.9	%
Austin, TX		6,829		34,889		30,219		15.5	%		15,303		13,689		11.8	%		19,586		16,530		18.5	%		1,598		1,361		17.4	%
Raleigh/Durham, NC		5,350		25,425		21,894		16.1	%		8,018		7,540		6.3	%		17,407		14,354		21.3	%		1,474		1,253		17.6	%
Nashville, TN		4,375		22,781		19,729		15.5	%		7,818		7,280		7.4	%		14,963		12,449		20.2	%		1,634		1,391		17.5	%
Houston, TX		4,867		21,283		19,428		9.5	%		9,420		8,356		12.7	%		11,863		11,072		7.1	%		1,363		1,236		10.3	%
Charleston, SC		3,168		16,577		14,113		17.5	%		5,286		5,364		(1.5	)%		11,291		8,749		29.1	%		1,625		1,361		19.4	%
Phoenix, AZ		2,623		14,291		12,222		16.9	%		3,632		3,470		4.7	%		10,659		8,752		21.8	%		1,713		1,437		19.2	%
Jacksonville, FL		3,496		16,394		14,161		15.8	%		5,754		4,971		15.8	%		10,640		9,190		15.8	%		1,510		1,262		19.7	%
Fort Worth, TX		3,519		17,633		15,509		13.7	%		7,538		6,321		19.3	%		10,095		9,188		9.9	%		1,509		1,306		15.5	%
Northern Virginia		1,888		13,002		11,821		10.0	%		4,358		4,025		8.3	%		8,644		7,796		10.9	%		2,211		1,999		10.6	%
Richmond, VA		2,004		9,911		8,685		14.1	%		3,257		2,955		10.2	%		6,654		5,730		16.1	%		1,525		1,314		16.1	%
Greenville, SC		2,355		9,936		8,707		14.1	%		3,602		3,406		5.8	%		6,334		5,301		19.5	%		1,256		1,083		15.9	%
Savannah, GA		1,837		9,457		7,876		20.1	%		3,242		2,980		8.8	%		6,215		4,896		26.9	%		1,570		1,284		22.3	%
Fredericksburg, VA		1,435		8,078		7,578		6.6	%		2,326		2,152		8.1	%		5,752		5,426		6.0	%		1,763		1,618		9.0	%
Memphis, TN		1,811		7,721		6,901		11.9	%		2,887		2,682		7.6	%		4,834		4,219		14.6	%		1,339		1,171		14.4	%
Birmingham, AL		1,462		6,483		5,874		10.4	%		2,502		2,264		10.5	%		3,981		3,610		10.3	%		1,342		1,183		13.4	%
San Antonio, TX		1,504		6,515		5,775		12.8	%		2,855		2,718		5.0	%		3,660		3,057		19.7	%		1,361		1,186		14.8	%
Denver, CO		812		4,916		4,506		9.1	%		1,467		1,393		5.3	%		3,449		3,113		10.8	%		1,898		1,712		10.9	%
Huntsville, AL		1,228		5,197		4,718		10.2	%		1,773		1,585		11.9	%		3,424		3,133		9.3	%		1,281		1,132		13.1	%
Kansas City, MO-KS		1,110		5,256		4,769		10.2	%		2,037		1,811		12.5	%		3,219		2,958		8.8	%		1,486		1,343		10.6	%
Other		7,078		33,325		29,483		13.0	%		11,811		10,722		10.2	%		21,514		18,761		14.7	%		1,481		1,279		15.8	%
Total Same Store		96,313	$	495,377	$	432,206		14.6	%	$	179,761	$	163,324		10.1	%	$	315,616	$	268,882		17.4	%	$	1,614	$	1,383		16.7	%

(1)

Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-5

MULTIFAMILY SAME STORE PORTFOLIO SEQUENTIAL QUARTER COMPARISONS

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2022		Q2 2022		% Chg			Q3 2022 (1)		Q2 2022		% Chg			Q3 2022		Q2 2022		% Chg			Q3 2022		Q2 2022		% Chg
Atlanta, GA		11,434	$	64,073	$	61,641		3.9	%	$	23,756	$	22,386		6.1	%	$	40,317	$	39,255		2.7	%	$	1,793	$	1,706		5.1	%
Dallas, TX		9,767		49,111		46,530		5.5	%		20,199		18,676		8.2	%		28,912		27,854		3.8	%		1,585		1,501		5.6	%
Tampa, FL		5,220		32,897		31,285		5.2	%		11,001		10,460		5.2	%		21,896		20,825		5.1	%		2,015		1,895		6.3	%
Charlotte, NC		5,867		28,955		27,294		6.1	%		8,513		8,470		0.5	%		20,442		18,824		8.6	%		1,543		1,452		6.3	%
Orlando, FL		5,274		31,271		29,367		6.5	%		11,406		10,124		12.7	%		19,865		19,243		3.2	%		1,864		1,736		7.4	%
Austin, TX		6,829		34,889		33,167		5.2	%		15,303		15,407		(0.7	)%		19,586		17,760		10.3	%		1,598		1,515		5.5	%
Raleigh/Durham, NC		5,350		25,425		23,952		6.1	%		8,018		8,002		0.2	%		17,407		15,950		9.1	%		1,474		1,376		7.1	%
Nashville, TN		4,375		22,781		21,528		5.8	%		7,818		7,460		4.8	%		14,963		14,068		6.4	%		1,634		1,532		6.7	%
Houston, TX		4,867		21,283		20,725		2.7	%		9,420		9,490		(0.7	)%		11,863		11,235		5.6	%		1,363		1,320		3.3	%
Charleston, SC		3,168		16,577		15,463		7.2	%		5,286		5,305		(0.4	)%		11,291		10,158		11.2	%		1,625		1,521		6.9	%
Phoenix, AZ		2,623		14,291		13,602		5.1	%		3,632		3,514		3.4	%		10,659		10,088		5.7	%		1,713		1,620		5.7	%
Jacksonville, FL		3,496		16,394		15,680		4.6	%		5,754		5,361		7.3	%		10,640		10,319		3.1	%		1,510		1,431		5.5	%
Fort Worth, TX		3,519		17,633		16,838		4.7	%		7,538		7,020		7.4	%		10,095		9,818		2.8	%		1,509		1,438		4.9	%
Northern Virginia		1,888		13,002		12,493		4.1	%		4,358		3,814		14.3	%		8,644		8,679		(0.4	)%		2,211		2,122		4.2	%
Richmond, VA		2,004		9,911		9,459		4.8	%		3,257		3,101		5.0	%		6,654		6,358		4.7	%		1,525		1,448		5.3	%
Greenville, SC		2,355		9,936		9,486		4.7	%		3,602		3,701		(2.7	)%		6,334		5,785		9.5	%		1,256		1,192		5.3	%
Savannah, GA		1,837		9,457		8,989		5.2	%		3,242		3,110		4.2	%		6,215		5,879		5.7	%		1,570		1,463		7.3	%
Fredericksburg, VA		1,435		8,078		8,040		0.5	%		2,326		2,186		6.4	%		5,752		5,854		(1.7	)%		1,763		1,714		2.8	%
Memphis, TN		1,811		7,721		7,404		4.3	%		2,887		2,714		6.4	%		4,834		4,690		3.1	%		1,339		1,293		3.6	%
Birmingham, AL		1,462		6,483		6,281		3.2	%		2,502		2,333		7.2	%		3,981		3,948		0.8	%		1,342		1,280		4.8	%
San Antonio, TX		1,504		6,515		6,235		4.5	%		2,855		2,839		0.6	%		3,660		3,396		7.8	%		1,361		1,288		5.7	%
Denver, CO		812		4,916		4,727		4.0	%		1,467		1,323		10.9	%		3,449		3,404		1.3	%		1,898		1,829		3.8	%
Huntsville, AL		1,228		5,197		5,071		2.5	%		1,773		1,783		(0.6	)%		3,424		3,288		4.1	%		1,281		1,222		4.9	%
Kansas City, MO-KS		1,110		5,256		5,013		4.8	%		2,037		1,834		11.1	%		3,219		3,179		1.3	%		1,486		1,423		4.4	%
Other		7,078		33,325		31,890		4.5	%		11,811		11,509		2.6	%		21,514		20,381		5.6	%		1,481		1,406		5.3	%
Total Same Store		96,313	$	495,377	$	472,160		4.9	%	$	179,761	$	171,922		4.6	%	$	315,616	$	300,238		5.1	%	$	1,614	$	1,529		5.6	%

(1)

Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-6

MULTIFAMILY SAME STORE PORTFOLIO YEAR TO DATE COMPARISONS AS OF SEPTEMBER 30, 2022 AND 2021 

Dollars in thousands, except Average Effective Rent per Unit


			Revenues							Expenses							NOI							Average Effective Rent per Unit
	Units		Q3 2022		Q3 2021		% Chg			Q3 2022 (1)		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg			Q3 2022		Q3 2021		% Chg
Atlanta, GA		11,434	$	185,311	$	164,074		12.9	%	$	67,188	$	62,249		7.9	%	$	118,123	$	101,825		16.0	%	$	1,715	$	1,511		13.6	%
Dallas, TX		9,767		140,401		123,020		14.1	%		57,454		55,557		3.4	%		82,947		67,463		23.0	%		1,508		1,319		14.3	%
Tampa, FL		5,220		94,112		80,359		17.1	%		31,516		28,147		12.0	%		62,596		52,212		19.9	%		1,903		1,589		19.7	%
Charlotte, NC		5,867		82,729		73,441		12.6	%		24,675		23,069		7.0	%		58,054		50,372		15.3	%		1,464		1,287		13.7	%
Orlando, FL		5,274		88,528		75,651		17.0	%		31,168		27,913		11.7	%		57,360		47,738		20.2	%		1,750		1,489		17.6	%
Austin, TX		6,829		99,837		86,828		15.0	%		43,337		40,560		6.8	%		56,500		46,268		22.1	%		1,521		1,319		15.3	%
Raleigh/Durham, NC		5,350		72,284		63,795		13.3	%		23,161		21,589		7.3	%		49,123		42,206		16.4	%		1,392		1,214		14.6	%
Nashville, TN		4,375		64,889		56,962		13.9	%		22,263		20,984		6.1	%		42,626		35,978		18.5	%		1,546		1,349		14.5	%
Houston, TX		4,867		62,228		56,935		9.3	%		27,365		25,656		6.7	%		34,863		31,279		11.5	%		1,323		1,219		8.5	%
Charleston, SC		3,168		46,897		40,639		15.4	%		15,541		15,013		3.5	%		31,356		25,626		22.4	%		1,533		1,313		16.7	%
Phoenix, AZ		2,623		41,005		35,111		16.8	%		10,439		9,818		6.3	%		30,566		25,293		20.8	%		1,631		1,378		18.3	%
Jacksonville, FL		3,496		47,280		40,775		16.0	%		16,059		14,288		12.4	%		31,221		26,487		17.9	%		1,437		1,218		18.0	%
Fort Worth, TX		3,519		50,716		45,027		12.6	%		20,604		18,861		9.2	%		30,112		26,166		15.1	%		1,443		1,269		13.7	%
Northern Virginia		1,888		37,666		35,708		5.5	%		12,058		11,746		2.7	%		25,608		23,962		6.9	%		2,134		2,012		6.0	%
Richmond, VA		2,004		28,377		25,453		11.5	%		9,449		8,480		11.4	%		18,928		16,973		11.5	%		1,459		1,286		13.5	%
Greenville, SC		2,355		28,528		25,359		12.5	%		10,605		10,057		5.4	%		17,923		15,302		17.1	%		1,201		1,051		14.2	%
Savannah, GA		1,837		26,880		22,503		19.5	%		9,249		8,600		7.5	%		17,631		13,903		26.8	%		1,472		1,224		20.2	%
Fredericksburg, VA		1,435		23,808		21,729		9.6	%		6,806		6,244		9.0	%		17,002		15,485		9.8	%		1,716		1,547		10.9	%
Memphis, TN		1,811		22,439		20,031		12.0	%		8,237		7,767		6.1	%		14,202		12,264		15.8	%		1,294		1,121		15.4	%
Birmingham, AL		1,462		18,774		17,013		10.4	%		7,173		6,657		7.8	%		11,601		10,356		12.0	%		1,286		1,145		12.3	%
San Antonio, TX		1,504		18,690		16,799		11.3	%		8,192		7,752		5.7	%		10,498		9,047		16.0	%		1,295		1,154		12.2	%
Denver, CO		812		14,303		12,910		10.8	%		4,128		3,912		5.5	%		10,175		8,998		13.1	%		1,834		1,665		10.2	%
Huntsville, AL		1,228		15,196		13,734		10.6	%		5,164		4,479		15.3	%		10,032		9,255		8.4	%		1,229		1,092		12.6	%
Kansas City, MO-KS		1,110		15,139		13,879		9.1	%		5,636		5,235		7.7	%		9,503		8,644		9.9	%		1,432		1,316		8.8	%
Other		7,078		95,997		85,020		12.9	%		34,051		30,975		9.9	%		61,946		54,045		14.6	%		1,358		1,184		14.7	%
Total Same Store		96,313	$	1,422,014	$	1,252,755		13.5	%	$	511,518	$	475,608		7.6	%	$	910,496	$	777,147		17.2	%	$	1,537	$	1,343		14.5	%

(1)

Excludes $1.6 million in storm-related expenses related to Hurricane Ian.

Supplemental Data S-7

MULTIFAMILY DEVELOPMENT PIPELINE

Dollars in thousands


		Units as of						Development Costs as of
		September 30, 2022						September 30, 2022							Expected
								Expected		Spend		Expected		Start	Initial
	Location	Total		Delivered		Leased		Total		to Date		Remaining		Date	Occupancy	Completion	Stabilization (1)
MAA Windmill Hill	Austin, TX		350		323		213	$	63,000	$	57,737	$	5,263	4Q20	1Q22	4Q22	4Q23
Novel Val Vista (2)	Phoenix, AZ		317	—		—			72,500		54,057		18,443	4Q20	2Q23	4Q23	4Q24
Novel West Midtown (2)	Atlanta, GA		340	—		—			89,500		58,366		31,134	2Q21	1Q23	3Q23	3Q24
Novel Daybreak (2)	Salt Lake City, UT		400	—		—			94,000		65,399		28,601	2Q21	4Q22	3Q23	4Q24
MAA Milepost 35 (3)	Denver, CO		352	—		—			125,000		30,568		94,432	1Q22	4Q23	4Q24	3Q25
Total Active			1,759		323		213	$	444,000	$	266,127	$	177,873

(1) Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2) MAA owns 80% of the joint venture that owns this property.

(3) Previously reported as MAA Central Park I.

MULTIFAMILY LEASE-UP COMMUNITIES

Dollars in thousands


		As of September 30, 2022
	Location	Total Units		Physical Occupancy	Spend to Date		Construction Completed	Expected Stabilization (1)
MAA Westglenn	Denver, CO	306		90.2%		81,686	1Q22	4Q22
MAA Park Point	Houston, TX	308		86.4%		54,792	1Q22	4Q22
MAA LoSo	Charlotte, NC	344		91.6%		139,072	(2)	1Q23
MAA Robinson	Orlando, FL	369		89.7%		97,380	4Q21	1Q23
Total			1,327	89.5%	$	372,930

(1) Communities are considered stabilized when achieving 90% average physical occupancy for 90 days.

(2) Property was acquired while in lease-up; construction was completed prior to acquisition by MAA.

MULTIFAMILY INTERIOR REDEVELOPMENT PIPELINE

Dollars in thousands, except per unit data


Nine months ended September 30, 2022
Units Completed		Redevelopment Spend		Average Cost per Unit		Increase in Average Effective Rent per Unit		Increase in Average Effective Rent per Unit	Estimated Units Remaining in Pipeline
	5,247	$	29,907	$	5,700	$	138	10.4%	12,000 - 15,000

Supplemental Data S-8

2022 ACQUISITION ACTIVITY (THROUGH SEPTEMBER 30, 2022)


Multifamily Acquisitions	Market	Apartment Units	Closing Date
MAA Hampton Preserve II	Tampa, FL	196	July 2022
MAA LoSo	Charlotte, NC	344	September 2022


Land Acquisition	Market	Acreage	Closing Date
MAA Florida Street Station	Denver, CO	4	March 2022
MAA Packing District	Orlando, FL	4	May 2022
MAA Panorama	Denver, CO	6	July 2022

2022 DISPOSITION ACTIVITY (THROUGH SEPTEMBER 30, 2022)


Multifamily Dispositions	Market	Apartment Units	Closing Date
MAA Deer Run	Fort Worth, TX	304	June 2022
MAA Oakbend	Fort Worth, TX	426	June 2022


Land Dispositions	Market	Acreage	Closing Date
Colonial Promenade	Huntsville, AL	2	April 2022
Colonial Promenade	Huntsville, AL	3	August 2022

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2022

Dollars in thousands


DEBT SUMMARIES
Fixed Rate Versus Floating Rate Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Rate Maturity
Fixed rate debt	$	4,394,151		97.2	%		3.4	%		8.2
Floating rate debt		125,000		2.8	%		3.4	%		0.1
Total	$	4,519,151		100.0	%		3.4	%		8.0

Unsecured Versus Secured Debt	Balance		Percent of Total			Effective Interest Rate			Average Years to Contract Maturity
Unsecured debt	$	4,154,820		91.9	%		3.4	%		6.4
Secured debt		364,331		8.1	%		4.4	%		26.1
Total	$	4,519,151		100.0	%		3.4	%		8.0

Unencumbered Versus Encumbered Assets	Total Cost		Percent of Total			Q3 2022 NOI			Percent of Total
Unencumbered gross assets	$	14,515,719		93.4	%	$	313,408			95.2	%
Encumbered gross assets		1,027,305		6.6	%		15,952			4.8	%
Total	$	15,543,024		100.0	%	$	329,360			100.0	%

FIXED INTEREST RATE MATURITIES


Maturity	Fixed Rate Debt		Effective Interest Rate
2022	$	—		—
2023		349,340		4.2	%
2024		398,637		4.0	%
2025		401,927		4.2	%
2026		297,009		1.2	%
2027		596,351		3.7	%
2028		396,543		4.2	%
2029		559,415		3.7	%
2030		297,456		3.1	%
2031		444,819		1.8	%
Thereafter		652,654		3.8	%
Total	$	4,394,151		3.4	%

Supplemental Data S-9

DEBT AND DEBT COVENANTS AS OF SEPTEMBER 30, 2022 (CONTINUED)

Dollars in thousands

DEBT MATURITIES OF OUTSTANDING BALANCES


Maturity	Commercial Paper & Revolving Credit Facility ⁽¹⁾ ⁽²⁾		Public Bonds		Secured		Total
2022	$	125,000	$	—	$	—	$	125,000
2023		—		349,340		—		349,340
2024		—		398,637		—		398,637
2025		—		397,580		4,347		401,927
2026		—		297,009		—		297,009
2027		—		596,351		—		596,351
2028		—		396,543		—		396,543
2029		—		559,415		—		559,415
2030		—		297,456		—		297,456
2031		—		444,819		—		444,819
Thereafter		—		292,670		359,984		652,654
Total	$	125,000	$	4,029,820	$	364,331	$	4,519,151

(1)

As of September 30, 2022, borrowings of $125.0 million were outstanding under MAALP’s unsecured commercial paper program. Under the terms of the program, MAALP may issue up to a maximum aggregate amount outstanding at any time of $625.0 million. For the three months ended September 30, 2022, average daily borrowings outstanding under the commercial paper program were $29.8 million.

(2)

There were no borrowings outstanding under MAALP’s $1.25 billion unsecured revolving credit facility as of September 30, 2022. The unsecured revolving credit facility has a maturity date of October 2026 with two six-month extension options.

DEBT COVENANT ANALYSIS (1)


Bond Covenants	Required	Actual	Compliance
Total debt to adjusted total assets	60% or less	29.1%	Yes
Total secured debt to adjusted total assets	40% or less	2.3%	Yes
Consolidated income available for debt service to total annual debt service charge	1.5x or greater for trailing 4 quarters	6.9x	Yes
Total unencumbered assets to total unsecured debt	Greater than 150%	346.4%	Yes

Bank Covenants	Required	Actual	Compliance
Total debt to total capitalized asset value	60% or less	21.1%	Yes
Total secured debt to total capitalized asset value	40% or Less	1.8%	Yes
Total adjusted EBITDA to fixed charges	1.5x or greater for trailing 4 quarters	6.9x	Yes
Total unsecured debt to total unsecured capitalized asset value	60% or less	20.2%	Yes

(1) The calculations of the Bond Covenants and Bank Covenants are specifically defined in MAALP’s debt agreements.

Supplemental Data S-10

2022 GUIDANCE

MAA provides guidance on expected Core FFO per Share and Core AFFO per Share, which are non-GAAP financial measures, along with guidance for expected Net income per diluted common share. A reconciliation of expected Net income per diluted common share to expected Core FFO per Share and Core AFFO per Share is provided below.


	Revised Range	Revised Midpoint
Earnings:
Earnings per common share - diluted	$5.59 to $5.75	$5.67
Core FFO per Share - diluted	$8.37 to $8.53	$8.45
Core AFFO per Share - diluted	$7.59 to $7.75	$7.67

MAA Same Store Portfolio:
Number of units		96,313
Average physical occupancy	95.6% to 96.0%	95.8%
Property revenue growth	13.0% to 14.0%	13.5%
Effective rent growth	14.0% to 15.0%	14.5%
Property operating expense growth	7.0% to 7.5%	7.25%
NOI growth	16.0% to 18.0%	17.0%
Real estate tax expense growth	5.5% to 6.0%	5.75%

Corporate Expenses: ($ in millions)
Property management expenses	$64.0 to $66.0	$65.0
General and administrative expenses	$58.5 to $60.5	$59.5
Total overhead	$122.5 to $126.5	$124.5

Transaction/Investment Volume: ($ in millions)
Multifamily acquisition volume	$213.0	$213.0
Multifamily disposition volume	$300.0 to $350.0	$325.0
Development investment	$200.0 to $250.0	$225.0

Debt:
Average effective interest rate	3.4% to 3.6%	3.5%
Capitalized interest ($ in millions)	$7.5 to $8.5	$8.0

Diluted FFO Shares Outstanding:
Diluted common shares and units	118.5 to 119.0 million	118.75 million

RECONCILIATION OF NET INCOME PER DILUTED COMMON SHARE TO CORE FFO AND CORE AFFO PER SHARE FOR 2022 GUIDANCE


	Full Year 2022 Guidance Range
	Low			High
Earnings per common share - diluted	$	5.59		$	5.75
Real estate depreciation and amortization		4.59			4.59
Gains on sale of depreciable assets		(1.92	)		(1.92	)
FFO per Share - diluted		8.26			8.42
Non-Core FFO items (1)		0.11			0.11
Core FFO per Share - diluted		8.37			8.53
Recurring capital expenditures		(0.78	)		(0.78	)
Core AFFO per Share - diluted	$	7.59		$	7.75

(1)

Non-Core FFO items may include adjustments related to the fair value of the embedded derivative in the MAA Series I preferred shares, gain or loss on sale of non-depreciable assets, gain or loss on investments, net casualty gain or loss, gain or loss on debt extinguishment, legal costs and settlements, net, COVID-19 related costs and mark-to-market debt adjustments.

Supplemental Data S-11

CREDIT RATINGS


	Commercial	Long-Term
	Paper Rating	Debt Rating	Outlook
Fitch Ratings (1)	F1	A-	Stable
Moody’s Investors Service (2)	P-2	Baa1	Positive
Standard & Poor’s Ratings Services (1)	A-2	A-	Stable

(1)

Corporate credit rating assigned to MAA and MAALP

(2)

Corporate credit rating assigned to MAALP

COMMON STOCK

Stock Symbol:

MAA

Exchange Traded:

NYSE

Estimated Future Dates:

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Earnings release & conference call

Early
February

Late
April

Late
July

Late
October

Dividend Information - Common Shares:

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Declaration date

9/28/2021

12/7/2021

3/22/2022

5/17/2022

9/27/2022

Record date

10/15/2021

1/14/2022

4/14/2022

7/15/2022

10/14/2022

Payment date

10/29/2021

1/31/2022

4/29/2022

7/29/2022

10/31/2022

Distributions per share

1.0250

1.0875

1.0875

1.2500

1.2500

INVESTOR RELATIONS DATA

MAA does not send quarterly reports, earnings releases and supplemental data to shareholders, but provides them upon request.

For recent press releases, SEC filings and other information, call 866-576-9689 (toll free) or email investor.relations@maac.com.  This information, as well as access to MAA’s quarterly conference call, is also available on the “For Investors” page of MAA’s website at www.maac.com.


For Questions Contact:
	Name	Title
	Andrew Schaeffer	Senior Vice President, Treasurer and Director of Capital Markets
	Jennifer Patrick	Director of Investor Relations
	Phone: 866-576-9689 (toll free)
	Email: investor.relations@maac.com

Supplemental Data S-12